LINCOLNWOOD, IL-North Capital was able to successfully bid Friday for the entire Purple Hotel property. The property, now vacant, was great in its heyday but has fallen into disrepair after infamous drug and swinger parties and a mob hit.
Village Resorts Inc., owned by the Bae family, defaulted on the property loan, and North Capital and Foster Bank respectively bought the notes on the adjoining parcels, until the Bae family filed bankruptcy. In a court agreement to solve the dispute, Sheldon Good auctioned both properties on Friday, with North Capital providing the winning bid of $8.3 million.
North Capital had convinced the village to hold off building demolition desires until after the auction. Now the company, joined by Weiss Properties, will present a mixed-use retail and banquet hall plan to the village.
The 293-room hotel was built 52 years ago and hosted Hollywood stars and singers from that era. The property hit a low point in 1983 when mobster Allen Dorfman was shot to death in the parking lot.
CHICAGO-Edward Wabick and Albert Schulman with Paine/Wetzel/TCN Worldwide have completed an industrial sale transaction to Nickelson Industrial Service Inc. The buyer, a demolition contractor that specializes in machinery dismantlement, is expanding from their current location in Chicago and purchased the 16,600-square-foot building at 10115 South Torrence Ave. in Chicago.
GURNEE, IL-The Missner Group was selected to construct its second indoor trampoline center. On the heels of completing a 40,000-square-foot facility for Sky High Sports in Niles, IL, Missner was contracted to complete a 50,400-square-foot build-out for Jump America. Missner is currently underway on the build-out which will feature two large trampoline courts, a dodge ball court, a kids’ court and two foam pits. Missner will also construct a full-service snack bar, kitchen area and a large space for private parties.
GENEVA, IL-Northern Illinois Food Bank and Ryan Companies US Inc. announced that the food bank’s new 147,000-square-foot West Suburban Center at 273 Dearborn Ct. has been awarded LEED-NC Gold certification, established by the US Green Building Council (USGBC).
LIVONIA, MI-UGL Services has negotiated a 100,597-square-foot long-term office renewal for Valassis, headquartered at 19975 Victor Pkwy. Valassis has approximately 7,000 associates in 28 states and eight countries. Valassis is one of the nation’s leading media and marketing services companies. A senior-level UGL team, led by SVP Drew Netherton and SVP Brian Piergentilli, was retained by Valassis to lead the negotiation process and provide strategic planning, capital markets and analysis of available local economic incentives. Built in 1996, the property is a single-tenant, three-story structure located in the I-275 Corridor. The building ownership SIRO LLC, was self-represented.
ANN ARBOR, MI-Beech Street Capital LLC has arranged a $10 million CMBS loan to refinance Corner House Lofts, a 133-bed, student housing property. Joel Mazur, VP, originated the transaction and secured the financing. The borrower wanted to take advantage of Ann Arbor’s strong rental market and the fact that the property was 80% pre-leased for the 2012/2013 school year. Built in 2004, the seven-story property is located directly on the campus of the University of Michigan on the bustling southeast corner of State and Washington Street. The ground floor commercial space of the building is a separate condominium that is leased to Buffalo Wild Wings. The property is and 100% occupied. The fixed-rate CMBS loan has a 10-year term and a 30-year amortization schedule.
BLOOMFIELD HILLS, MI-L. Mason Capitani CORFAC International has arranged the lease of 7,560 square feet located at 37000 Woodward. The tenant, Roland Berger Strategy Consultants, is expanding their North American headquarters. After an extensive 18-month search, Roland Berger settled on the new class “A” facility at the corner of Big Beaver Road and Woodward Avenue. The location, quality of construction and covered parking were the main attributes influencing this decision. Roland Berger is looking forward to moving in the summer of 2012 and was represented by Gary P. Grochowski in this transaction.
FARMINGTON HILLS, MI-Agree Realty Corp. announced recently that pursuant to existing lease agreements, Kmart exercised its two-year options in Grayling, MI as well as Oscoda, MI. Both locations are free-standing stores which opened in 1984. The Grayling store is 52,320 square feet and the Oscoda store contains 90,470 square feet. The extended leases will expire on Sept. 30, 2014. Kmart retains additional options at the tenant’s election.
TROY, MI-Mid-America Real Estate-Michigan Inc. recently arranged a 20,355-square-foot sale of the former ABC Warehouse building at 244 W. Maple Rd. Adam Goodman and William LaKritz represented the seller, ABC Warehouse with Bedrock Management Services LLC representing the purchaser, Creek Ventures LLC in this transaction.
LIVONIA, MI-Grubb & Ellis Co. assisted in the sale of the Allied Commerce Center at 31740 Enterprise Dr. to Canada-based Livonia Estates Ltd. for $22.5 million. The multi-tenant industrial complex built in 1950, and consists of four buildings totaling 1.1 million square feet of warehouse/distribution space. Patrick Shannon, Tony Avendt, and Dan Labes facilitated the transaction.
ST. LOUIS-David Garfinkel, senior vice president/managing director of NorthMarq’s local office, arranged $7.9 million in joint venture financing for Corporate Hill, a 289,245-square-foot office building at 1610-1650 Des Peres Rd. Charter Communications and Bethesda Health Group are major tenants at the site. Financing was based on a five-year term and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company as a joint venture partner.
KANSAS CITY, KS-The Boulder Group has completed the sale of a triple net leased Dollar General property located at 2272 Quindaro Blvd. for $1.2 million. The 9,100-square-foot Dollar General was built in 2012. The building is situated on a 1-acre parcel and is leased for 15 years to Dollar General on a net lease basis. Randy Blankstein and Jimmy Goodman with the Boulder Group represented the buyer. The seller was a Midwest-based developer. “The market for newly developed triple net leased Dollar Generals is robust as investor demand for long term leased properties in the less than $2 million price point exceeds the supply.” said Blankstein.